Canada ranks amongst the top five countries for entrepreneurship, according to EY’s G20 Entrepreneurship Barometer released August 27.
EY’s G20 Entrepreneurship Barometer is a survey of G20 countries, aimed at “[benchmarking] their progress and performance” in supporting entrepreneurs. The barometer ranks each country according to its taxation and regulation regimes, access to funding, entrepreneurship culture, education and training and coordinated support.
According to the report, two of the reasons for Canada’s high standing are its favourable tax regime and its supportive entrepreneurial culture.
But Canada did struggle in one area – access to capital. Nearly 75% of the respondents answered that Canadian entrepreneurs struggle to raise capital for their businesses.
“Canada has emerged as a real leader in fostering an entrepreneurial culture,” said Colleen McMorrow, partner in EY’s Canadian Entrepreneur of the Year Program.
“There’s an emphasis on research and development in this country and we value the role of entrepreneurs in job creation. Canada also offers a supportive tax and regulatory environment for entrepreneurs. All these factors are combining to really promote the growth of entrepreneurs and entrepreneurship from coast to coast.”
